Burma Burma, the Mumbai-headquartered vegan pan-Asian restaurant chain, has reported a robust 47% year-on-year revenue growth to ₹106 crore in FY25 (ended March 31, 2025), crossing the ₹100 crore milestone for the first time. According to RoC filings analyzed by Entrackr on October 7, 2025, the company also narrowed its net losses by 78% to ₹1.3 crore from ₹6 crore in FY24, achieving a positive EBITDA of ₹6.6 crore (6.23% margin)—a first in recent years. For food industry investors, F&B analysts, and startup enthusiasts searching Burma Burma FY25 revenue 100 crore, Burma Burma losses narrowed, or vegan restaurant chain growth 2025, this performance signals a strong recovery post-COVID, driven by 12 operational outlets across Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, and Ahmedabad. With food costs at 18% and outlet-level operating profit over 23%, Burma Burma—founded in 2014 by Ankit Gupta and Chirag Chhajer—raised $2 million in August 2024 from family offices like Negen Capital, fueling plans to triple its footprint to 24 locations by FY26 and target ₹300 crore revenue by FY27. The chain’s 4.7-star Swiggy rating and focus on interactive Burmese cuisine position it for IPO readiness by 2027.
The FY25 results reflect disciplined cost management and expansion, with employee benefits up 29% to ₹29 crore and material costs rising 33% to ₹28 crore.
FY25 Financial Highlights: Revenue Leap and Near Break-Even
Burma Burma’s FY25 filings showcase operational maturity, with revenue growth outpacing expenses to deliver positive EBITDA and drastically reduced losses.
| Metric | FY24 | FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹72 Cr | ₹106 Cr | +47% |
| Net Loss | ₹6 Cr | ₹1.3 Cr | -78% |
| EBITDA | Negative | ₹6.6 Cr (6.23%) | Positive Turn |
| Total Expenses | ₹79 Cr | ₹108 Cr | +37% |
| ROCE | -48.6% | -6.9% | Improved |
- Revenue Sources: Primarily from 12 restaurants and delivery kitchens; ARR exceeded ₹125 crore by December 2024.
- Expense Breakdown: Employee benefits 27% (₹29 Cr), materials 26% (₹28 Cr), rent/other 47% (₹51 Cr).
- Unit Economics: Spent ₹1.02 to earn a rupee, down from FY24.
Co-founder Chirag Chhajer: “We’re at an inflection point with increased discretionary spending.”
Growth Strategies: Expansion and Funding Boost
The revenue surge follows aggressive scaling:
- Footprint Doubling: From 6 to 12 outlets in FY24-25, with 13th in Ahmedabad.
- Funding: $2 million equity in August 2024 from Negen Capital, NV Alpha, and HNIs; total $6.94 million raised.
- EBITDA Target: 15% monthly by FY25 end; 18% overall by FY27.
- IPO Path: Eyes public listing by 2027, with ₹300 crore revenue goal.
The chain’s 4.7-star Swiggy rating and interactive dining (Burmese tea rooms) drive loyalty.
Market Context: Vegan F&B’s 20% CAGR and Competitors
India’s ₹50,000 crore organized F&B market grows at 15% CAGR, with vegan/plant-based at 20%. Burma Burma’s 47% growth outpaces peers like Faasos (Zomato-owned) and Barbeque Nation.
- Competitive Edge: Unique Burmese cuisine; 23% outlet profit.
- Challenges: High rent (up 40% YoY); competition from cloud kitchens.
- Valuation: ₹267 crore as of November 2024, per Tracxn.
Outlook: ₹300 Cr Revenue and IPO by 2027
With $2 million fueling 24 outlets by FY26, Burma Burma targets 18% EBITDA and ₹300 crore by FY27, prepping for IPO.
Conclusion: Burma Burma’s Vegan Victory
Burma Burma’s ₹106 Cr FY25 revenue (up 47%) and 78% loss cut to ₹1.3 Cr mark a profitable pivot. As outlets triple, IPO beckons. For F&B investors, it’s a flavorful bet—will Burmese cuisine conquer? The plates fill. Entrackr
